Thursday, January 31, 2013 | Outsourcing News |
According to Frost & Sullivan’s "Analysis of the European Contract Research Outsourcing Markets" report, the medical research outsourcing industry will post significant growth as more and more European pharmaceutical and biotech firms are starting to outsource the costly process of doing research. This positioned the growth of the sector into overdrive.
In fact, the study shows that in 2011, the market posted revenues that nearly reached $6.07 billion and it further predicts that by 2018, it will reach $11.54 billion. The largest share of the contract research organizations (CROs) market in Europe is accounted for by the Phase III clinical trials account.
Frost & Sullivan explains that CROs promote innovation and improvement in chemical and biological drug development while keeping costs of new narcotics low. Cardiovascular, oncology, autoimmune, central nervous system (CNS), infectious, endocrine, and metabolic disease areas are some of the medical divisions that the CROs are involved with.
Deepika Pramod Chopda, Research Analyst at Frost & Sullivan, said the drugs are tested for their ability to work, safety, and that these are safe for patients who belong to different ethnicities and parts of the world.
Moreover, CROs can avoid accruing high rates for research and development processes, even if done internally, as more specialized research technologies along with an exclusive focus on drug development and testing are made available.
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